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Hi guys,
I watch with Awe & Horror that Perdana with all its Insolvent debt could go LIMIT UP?
See (Refer to PERDANA Latest Quarterly Report
(ii) Corporate Debt Restructuring Committee (“CDRC”) On 4 July 2018, the Company announced that the Corporate Debt Restructuring Committee (“CDRC”) of Bank Negara Malaysia has granted approval on the Company’s application for assistance to mediate between the Company and some of its subsidiaries (the “Applicant Company/Companies”) with their financial institutions and Sukukholders (the “Lenders”). This admission to CDRC is consistent with the Company’s strategy to streamline its operations and optimise its financial resources to focus on and proactively enhance its offshore marine support services segment. It is a follow-on from the Company’s previous successful cost rationalised initiative which has had a positive impact on the Company’s financials.
The Company received approval from CDRC on 2 July 2018 (“CDRC Approval Letter”) subject to the following conditions: a) The Company is required to submit a Proposed Debt Restructuring Scheme (“PDRS”) within sixty (60) days from the date of the CDRC Approval Letter; b) The Company’s admission is limited to twelve (12) months or upon signing of a debt restructuring agreement, whichever is earlier; and c) The PDRS must comply with the CDRC’s restructuring principles for the Company to continue to remain under the Standstill arrangement with the Lenders.
The Standstill Letter was issued by CDRC to the Lenders of the Applicant Companies on 2 July 2018. CDRC, which is under the purview of Bank Negara Malaysia, will mediate between Applicant Companies and their respective Financiers to renegotiate their respective financing facilities that can be sustained in the face of this challenging period for the oil and gas industry, in line with the above conditions. This successful mediation would enable the Companies to be better positioned to raise new financing and capital in the future and sustain their operations and underlying viability going forward.

22. Corporate Proposals (Cont’d) (ii) Corporate Debt Restructuring Committee (“CDRC”) (Cont’d) The Company is exploring various options for the PDRS, including but not limited to extension of tenure of borrowings, disposal of assets, special issue or placement of shares and rights issue. Depending on the scheme eventually accepted by not less than 75% by value of the Lenders, there may be a need to further impair the Group’s non-financial assets (except inventories and deferred tax assets) to their fair value less costs to sell, if lower than their carrying amount.
As the Company is still exploring the various debt restructuring options, it is unable to provide further details at this stage. On 30 August 2018, the Company has sought an extension of time of thirty (30) days to submit the PDRS from 1 September 2018. On 10 October 2018, the Company has conducted its first CDRC meeting and presented a draft PDRS to the Lenders. Subsequently on 15 November 2018, a second CDRC meeting has taken place to provide further updates and details of the debt settlement scheme.
On 28 January 2019, a third CDRC meeting is held to provide milestone updates and proposed scheme enhancement to all Lenders. Further details on the debt restructuring option agreeable to the Lenders will be provided at the appropriate time. Barring any unforeseen circumstances, the CDRC program is expected to complete within 18 months from the date of admission, i.e, 2 July 2018. Save for the above, there were no other corporate proposals announced but not completed as at 15 February 2019, being the latest practicable date not earlier than 7 days from the date of issue of this interim report.

WITH HEAVY DEBT FULLY LOADED ON PERDANA SIMPLETON BLINDLY CHASED PERDANA INTO LIMIT UP

EVEN INSIDERS/DIRECTORS OF PERDANA ARE THROWING & RUNNING AWAY FAST FAST

See


SO DON'T BE THE SORCHAI WHO LATER GET TRAPPED KAW KAW IN PERDANA LATER IF IT GOES INTO PN17 AND SUSPENSION

NOW THESE ARE THE SALIENT FACTORS FOR DESTINI (NOTE: Calvin has no heart to seek quarrel with anyone who might disagree in this Time of O&G Bull Run Time) Only Go in with BOTH EYES WIDE OPEN OK
Or else like those who foolish sailang in Hengyuan at Rm19.00 Then Get Caught Later!!

WHY DESTINI IS SO GOOD?
1) DESTINI HAS CLEAN BALANCE SHEET. ITS DEBTS ARE MANAGEABLE & LONGER TERM TENURE

2) DESTINI HAS THE ABILITY TO LAND JOBS IN BOTH GOOD & BAD TIMES. AND ALSO ACROSS DIVERSIFIED INDUSTRIES. ITS MANAGEMENT HAS EXCEPTIONAL SKILL (EVEN WITHOUT HWUs LIKE VELESTO THEIR MAN POWER SKILL IS EXCEPTIONAL

AND SEE THEIR JOBS AWARDED

A10. Significant Events During The Financial Quarter During the financial period, the following significant events took place for the Company and its subsidiaries:
1. Destini Oil Services Sdn Bhd, a wholly-owned subsidiary of Destini, had on 10 November 2017, entered into a joint venture and shareholders agreement with Federal Hardware Engineering Co. Pte Ltd, a wholly-owned subsidiary of Federal International, a publicly listed company on the Mainboard of the Singapore Stock Exchange, for the purpose of, amongst others, undertaking the business of oil and gas activities leading into drilling and related services, well intervention services, offshore greenfield development and decommissioning services in the South Asia and South-East Asia region, via a joint venture company, to be incorporated in the Republic of Singapore within one month from the date of completion of the JV Agreement
The JV Company by the name “Federal Destini (S) Pte Ltd” has been duly incorporated in the Republic of Singapore on 15 January 2018 with the shareholdings structure as follows:

2. Destini Oil Services Sdn Bhd, a wholly-owned subsidiary of Destini, has been awarded an umbrella contract for the provision of well abandonment integrated services for PETRONAS Carigali Sdn Bhd, via a letter of award dated 29 March 2018.
PETRONAS Carigali Sdn Bhd has awarded Destini Oil Services Sdn Bhd, a conditional work order award dated 2 July 2018 for the Provision of Well Abandonment Integrated Services for Pulai-B. the value of the Work Order is approximately USD 5 million or equivalent to RM20.2 million.

3. Destini Engineering Technologies Sdn Bhd, a wholly-owned subsidiary of Destini, had on 10 April 2018, entered into a memorandum of understanding (“MOU”) with Felcra Processing & Engineering Sdn Bhd. The MOU to provide, amongst others, maintenance, repair and overhaul (MRO) services for industrial facilities and equipment for the agriculture and related industries within Malaysia and the ASEAN region.

4. Destini Prima Sdn Bhd, a wholly-owned subsidiary of Destini, had on 19 April 2018, accepted a letter of award from Ministry of Defence Malaysia for an additional RM138.0 million (including the Goods and Services Tax) to the existing contract to provide maintenance, repair and overhaul services and the supply of safety and survival equipment to the Royal Malaysian Air Force. The Letter of Award is an addition to the Contract ceiling

5. Destini Oil Services Sdn Bhd, a wholly-owned subsidiary of Destini, had on 22 May 2018, received a letter of award as a technical partner from Lyallpur Oil Tool Pvt Ltd for the tubular running services in Pakistan. The Letter of Award is estimated to have a gross value of approximately United States Dollar 8.0 million (equivalent to approximately RM31.76 million as at 22 May 2018).
6. Destini Berhad on 5 June 2018 incorporated a new wholly-owned subsidiary company with the name “DESTINI EMPIRE PROPERTIES SDN. BHD. ” (Company No. 1282448-U) (“DEP”) with the issued share capital of RM1.00 only. The intended principal activity of DEP is to acquire by purchase, lease, exchange, hire or otherwise, lands and property of any tenure, buildings, or any share or shares, interest or interests therein. The incorporation of DEP is not expected to have any material effects on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholdings of Destini for the financial year ending 31 December 2018. The incorporation of DEP is not subject to the approval of the shareholders of the Company
7. PETRONAS Carigali Sdn Bhd has awarded Destini Oil Services Sdn Bhd, a conditional work order award dated 2 July 2018 for the Provision of Well Abandonment Integrated Services for Pulai-B. The value of the Work Order is approximately USD 5 million or equivalent to RM20.2 million. 
8. Destini Oil Services Sdn Bhd, a wholly-owned subsidiary of Destini, had on 8 August 2018, received a contract award from PDC for the provision of tubular running services in the Union of Republic of Myanmar The value of the Contract is estimated at USD5.2 million.
9. Destini Oil Services Sdn Bhd, a wholly-owned subsidiary of Destini, had received a letter of award on 7 November 2018 for the Provision of Tubular Handling, Conductor Installation and Slot Recovery Equipment and Services for PAC Operators’ Drilling Program for PETRONAS Carigali Sdn Bhd (“PETRONAS Carigali”).

THE ABOVE UNBROKEN STRING OF AWARDS IS A TESTIMONY OF DESTINI SUPERIOR SKILLS  ACROSS A DIVERSIFIED INDUSTRIES & DISCIPLINES


AND THESE ARE THE LATEST JOB AWARDS THIS YEAR

1. Destini Prima Sdn Bhd, a wholly-owned subsidiary of Destini, had on 4 January 2019, received a letter of extension dated 28 December 2018 (“Letter of Extension”) from the Ministry of Home Affairs to provide maintenance, repair and overhaul services, technical assistance and supply of spares related to safety and survival equipment, ground support and mechanical equipment, electronic equipment, airborne multisensor system and flight operations equipment for the Pasukan Gerakan Udara, Royal Malaysia Police for a further period of three (3) years from 30 November 2018 and expiring on 29 November 2021. The contract ceiling remains at RM10.0 million
2. Destini Oil Services Sdn Bhd, a wholly-owned subsidiary of Destini, had on 14 January 2019 received a letter of award for the provision of tubular running services for exploration & appraisal and infill drilling campaign for Block B-17 & C-19 and Block B-17-01 located at the lower part of Gulf of Thailand near the South China Sea for Carigali-PTTEPI Operating Company Sdn Bhd.

AND DIRECTORS/INSIDERS ARE SO CONFIDENT WITH THIS COMPANY THAT THEY HAVE BOUGHT DESTINI SHARES THROUGH GOOD & TOUGH TIMES FOR AS HIGH AS 85 SEN
See


SOME HAVE QUESTIONED SINCE DESTINI SHARE PRICE ALREADY SPIKED UP IT IS NOW TOO DANGEROUS TO CHASE

THIS SAME CAUTION WAS MENTIONED TO CALVIN WHEN I CALLED FOR A BUY ON PENERGY AFTER IT HAD GONE LIMIT UP FROM 42 SEN

I TOLD THEM PENERGY WILL STILL GO UP HIGHER FROM 70 SEN. AND I WAS CHUN CHUN.
PENERGY WENT UP TO CROSS RM1.20 (I think Penergy still got more upside)

CALVIN THINKS SINCE DESTINI SHARE PRICE CAME DOWN FROM 85 SEN IN TOUGH TIMES. NOW THAT IT IS SEEING GOOD TIMES AGAIN DESTINI IS DESTINED TO RETURN BACK TO ITS GLORY DAYS JUST LIKE CARIMIN, DAYANG, NAIM & PERDANA

CALVIN HAS A TARGET PRICE FOR DESTINI AT 60 SEN (ABOUT SLIGHTLY LESS THAN100% UPSIDE)


BEST REGARDS

Calvin Tan Research
Singapore

Please by or sell after doing your own due diligence

https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/197937.jsp

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